The Bank of New York Mellon Corporation (BNY Mellon) has introduced its new open banking payments solution, Bankify, in partnership with Swedish fintech company Trustly.
Bankify combines the US-based investment bank’s transaction payments expertise with Trustly’s open banking capabilities.
It helps organisations receive consumer payments from bank accounts, with a simplified user experience that offers guaranteed funds for business receivables.
The open banking solution was designed considering all consumer-to-business payment flows, ranging from merchant payments to bill pay, or account/digital wallet funding.
With the new open banking solution, its clients can enable their users to easily make payments directly from their bank accounts as an alternative payment platform, said BNY Mellon.
BNY Mellon treasury services global head Jennifer Barker said: “Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organisations it can support.
“Whether you are a merchant looking for cost-efficiencies, a biller modernising how your customers share banking data, or a brokerage firm wanting guaranteed settlement in order to offer instant use of funds during enrolment, Bankify’s account linking experience and settlement guarantee are powerful tools that help an organisation’s top and bottom lines.”
BNY Mellon offers comprehensive solutions to capital markets worldwide, helping them manage and service their financial assets throughout the investment life cycle.
The company had $46.9 trillion in assets under administration and $1.9 trillion in assets under management as of 30 June 2023.
In June this year, BNY Mellon, through its technology services subsidiary Pershing X, rolled out a new wealth management platform, dubbed Wove.
Wove integrates the technology tools required for advisors into a single, data-driven platform.
Established in 2008, Trustly is an open banking payment platform that enables customers to transact directly from their bank account, without needing a card or mobile app.
Last month, Trustly acquired French recurring payments platform SlimPay to boost recurring payments for merchants and consumers across Europe and the UK.
Trustly founder and CEO Alexandre Gontheir said: “The collaboration between Trustly and BNY Mellon emerged through our mutual focus on advancing the payment industry and establishing a new, alternative, open banking-based standard for consumer and business payments.
“We believe that consumers have the right to a financially responsible payment method, and that merchants have the right to unique open banking-enabled data insights.”
